Reliability-centred maintenance (RCM) is a relatively new concept amongst road agencies for the management of road-related assets. The Roads and Maritime Services of NSW contracted ARRB to investigate the use of a RCM approach to manage intelligent transport system (ITS) assets. It began with a literature review, followed by some preliminary analysis of the fault data from variable message signs (VMS). This feasibility study developed a RCM framework for the maintenance of VMS. The framework consists of seven steps. It makes use of the RCM concepts of potential failure for on-condition or predictive scheduled maintenance and a useful life for scheduled restoration and replacement. An indicative cost-benefit analysis of using an on-condition predictive (RCM) approach versus the current maintenance regime was carried out in this feasibility study. It illustrates how it is worthwhile to further pursue the RCM approach for ITS asset management.